I have shown my favorit count. As can be seen on the hourly chart above wave 2 has peaked or is very close to. That should mean a break below 10,417 tomorrow and break below 10,188 should follow within the next days.
The chart below is a 5 minuet chart, where the final fifth wave of c og 2 can be viewed. As can be seen the wave (ii)-(iv) channel has just been reached by wave (v).
As stated above, this is my favorit count, but what's the risks to this scenario?
The 61.8% retracement of wave 1 has been broken. This is allowed by wave 2, but should be viewed as a cautioning sign.
The 78.6% retracement of wave 1 has been broken too. Again that allowed by wave 2, but more often than not means a new high above the 10,729.82 high will be seen. So why do I still favor a top in wave 2? Because form is more important, than retracement targets, and we clearly have a five wave rally in wave c of 2 in place.
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